According to a national survey of small business owners from Constant Contact, the majority of entrepreneurs and small business owners (63 percent) only plan strategically a year or less in advance. How many opportunities are missed because you are focused on the short-term all the time?
Every business owner knows how important it is to stay on top of day-to-day operations, but when you get stuck in a pattern of “short-termism” and are constantly putting out fires or are solely focused on the needs of the day, you may miss out on opportunities to think bigger, to lay the groundwork for future success and crucially, to really take stock of how things are going and understand what’s working and what isn’t.
Short-termism quickly becomes a habit, and like all habits, can be challenging to break. However, if you are serious about growing your business, the effort is absolutely worth it. Just think about the alternative. When you are hyper-focused on the day-to-day, you stop thinking about longer-term strategic partnerships or developing new products or services, and you generally don’t track your financials closely enough to keep a pulse on where you are actually making (or losing) money.
My advice for breaking the short-term cycle and honing your strategic focus?
Learn to let go, make a plan and stick with it.